Elizabeth Organ

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On December 23, 2020, the Securities and Exchange Commission issued a statement and request for comment relating to custody of digital asset securities by broker-dealers, including certain conditional, time-limited relief for such arrangements. The statement will become effective 60 days after its publication in the Federal Register.
Continue Reading SEC Issues Statement on Custody of Digital Asset Securities by Special Purpose Broker-Dealers

On December 9, the Securities and Exchange Commission adopted final rules that aim to modernize the infrastructure related to the collection, consolidation, and dissemination of market data for exchange-listed national market system stocks (referred to “NMS market data”). These final rules update and expand the content of NMS market data (for example, by adding new data fields and defining existing fields with more granularity) and revise the method by which NMS market data are consolidated and disseminated to make the process more competitive and decentralized. The final rules represent a significant step forward in updating the NMS market data system to keep up with modern market developments, as the rules governing the content of, and the process for sending out, NMS market data has not been materially updated since its implementation in the late 1970s.
Continue Reading SEC Adopts Rules to Modernize Infrastructure for NMS Market Data

On December 3, the Securities and Exchange Commission announced that its Strategic Hub for Innovation and Financial Technology (FinHub), will migrate from its current position within the Division of Corporate Finance and be designated as a stand-alone office. FinHub will continue to be led by Valerie A. Szczepanik, who will become its first director and will report directly to the SEC Chairman. FinHub leads the SEC’s work in encouraging responsible innovation in the financial sector, including through the use of new technologies and business models. FinHub engages directly with market participants to further these efforts.
Continue Reading SEC Announces Stand-Alone Office Focused on Innovation and Financial Technology

On November 2, the Commodity Futures Trading Commission (CFTC) issued an amended order exempting eight Recognized Market Operators (RMOs) authorized within Singapore from swap execution facility (SEF) registration requirements.
Continue Reading CFTC Approves SEF Registration Exemptions for Additional Recognized Market Operators in Singapore

The Commodity Futures Trading Commission has published certain FAQs prepared by the Division of Market Oversight (DMO) in response to questions from market participants on the post-trade name give-up rule prior to the November 1 compliance date.
Continue Reading New FAQs Published Regarding the Post-Trade Name Give-Up Rule in CFTC Regulation 37.9(d)

On October 13, the Division of Market Oversight (DMO) of the Commodity Futures Trading Commission issued two no-action letters that provide limited relief from swap transaction and pricing data reporting requirements for specific derivatives clearing organizations (DCOs) and market participants that take part in upcoming DCO auctions intended to assist in transitioning certain cleared swaps…